First Atlantic Bank PLC last Friday officially listed its Initial Public Offer (IPO) shares on the Ghana Stock Exchange (GSE), ending a seven-year drought of new listings on the Accra bourse.
The Bank’s IPO, which was oversubscribed by about six per cent, raised GH¢786 million, GH¢40 million above its initial target of GH¢742 million. At the initial trading after listing, about 2,000 shares were exchanged at GH¢7.70 per share, representing a 40-pesewa appreciation over the IPO offer price of GH¢7.30.
Speaking to journalists after the listing ceremony in Accra, the Managing Director and Chief Executive Officer of First Atlantic Bank PLC, Mr. Odun Odunfa, described the listing as a major milestone after a “tough but rewarding journey.” He noted that the process involved extensive engagement with regulators, including the Bank of Ghana, the Securities and Exchange Commission, and the Ghana Stock Exchange, but that approvals came through once requirements were met.
Mr. Odunfa added that the listing would enhance the Bank’s visibility, improve access to capital, and strengthen its growth strategy. He outlined three key strategic pillars driving the Bank’s future: digitisation, regional expansion, and people development.
On regional expansion, he disclosed that First Atlantic Bank had secured a licence to operate in Liberia and was pursuing opportunities in Sierra Leone and selected Francophone West African countries. On digitisation, he emphasized the Bank’s ambition to consolidate its position as a leading digital bank, having won Digital Bank of the Year twice consecutively.
The Managing Director of the GSE, Ms. Abena Amoah, welcomed First Atlantic Bank to the Exchange, describing the listing as a “fantastic day” for the market. She highlighted that Ghana had sufficient domestic capital and that credible companies could raise substantial long-term funds in a short period. She noted that pension funds now control assets in excess of GH¢100 billion, dispelling myths that there is no money in Ghana.
Delivering the keynote address, the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, expressed strong support for capital market growth as part of efforts to build a resilient and transparent financial system. He explained that listing on the stock exchange broadens ownership, deepens accountability, and strengthens public confidence in financial institutions.
Dr. Asiama observed that First Atlantic Bank, licensed as a universal bank in 2014, had grown into a mid-tier institution with over 30 outlets nationwide, accounting for nearly four per cent of industry assets and deposits. He noted that the successful IPO reflected strong investor confidence and underscored the Bank’s governance maturity.
The Director-General of the SEC, through Dr. Jacob Aidoo, commended the founding shareholders for their vision and commitment, urging other banks and corporates to use the capital market to fund expansion. He also emphasized the importance of complying with reporting obligations associated with stock exchange listing.
BY KINGSLEY ASARE
🔗 Follow Ghanaian Times WhatsApp Channel today. https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
🌍 Trusted News. Real Stories. Anytime, Anywhere.
✅ Join our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
